New York Markets After Hours

Blackrock cuts stake in U.K. insurer Resolution

MariettaCauchi

LONDON (MarketWatch) -- BlackRock Group, the asset manager owned by Merrill Lynch & Co.
MER, +1.00%
has drastically cut its stake in Resolution PLC (RSL.LN), the U.K. life insurer at the center of a fierce takeover battle.

BlackRock, Thursday, sold some 16.6 million shares in Resolution at 720 pence a share, reducing its stake to just 0.25% from 2.68%, a regulatory filing revealed Monday.

BlackRock's sale came just a day before Pearl Assurance made a third increased offer at 720 pence a share for Resolution throwing a recommended stock-and-cash offer valued at around 715 pence by rival Standard Life PLC (SL.LN) into doubt.

At the same time as its third offer Pearl said it had increased its stake in Resolution to 24.18% from 16.5%.

At 1230 GMT shares in Resolution were trading down 0.05%. or 0.37 pence, at 726.13 pence.

Early Monday Resolution dropped its recommendation for the GBP4.9 billion takeover bid by Standard Life effectively opening up the arena for an auction of the company.

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